Chicago Fed to Explore Online and Card Not Present Transaction Security

July 25, 2011

The Federal Reserve Bank of Chicago and the Secure Remote Payment Council said they will team up for an invitation-only event exploring fraud as it relates to card not present payments this September. The free event, which will be held at the Chicago Fed’s headquarters, will examine the security of Internet mobile payments, issues around using debit cards for remote payments and how merchants and banks can decrease the losses associated with them. In addition to sessions devoted to fraud mitigation and the future of e-commerce and m-commerce one session will be devoted entirely to the current state of CNP payments transactions. The Sept. 26 symposium will kick off with an address from David Marshall, senior vice president of the Federal Reserve Bank of Chicago. Other speakers scheduled to appear include Mark Greene, CEO of FICO; Bob Carr, chairman and CEO of payments processor Heartland Payment Systems; Richard Sullivan, senior economist, Federal Reserve Bank of Kansas City; and Paul Tomasofsky, president of the Secure Remote Payment Council. “Fraud management systems have not necessarily been sufficiently upgraded to handle new payment technologies,” the Chicago Fed said on its Website. “While payment providers continue to invest heavily in risk mitigation programs for legacy payments, there is an urgent need for upgraded security for new payment methods as well. We urgently need to get ahead of the problem if the industry is going to continue to serve customers in a convenient and efficient fashion.” To be considered for the event waiting list, contact Paul Tomasofsky at .